External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>We deem the new regulation as positive and expect large ecommerce platforms to potentially benefit from having a more level playing field and possibly grab market share that will be left behind by the social commerce platforms.</li><li>On the earnings front, we expect tech companies to see positive momentum in 3Q23 with GTV growth and lower EBITDA losses.</li><li>We maintain our OW rating on the sector with our top picks being GOTO (BUY, TP Rp150) and BUKA (BUY, TP Rp340).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We deem the new regulation as positive and expect large ecommerce platforms to potentially benefit from having a more level playing field and possibly grab market share that will be left behind by the social commerce platforms.On the earnings front, we expect tech companies to see positive momentum in 3Q23 with GTV growth and lower EBITDA losses.We maintain our OW rating on the sector with our top picks being GOTO (BUY, TP Rp150) and BUKA (BUY, TP Rp340).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology: Potential Tailwinds from the New Regulation

Equity Bottom-Up

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul><li>We see a pathway for GOTO to deliver positive EBITDA towards the end of 2023, given foreseen recovery in GTV in 3Q23 that shall offer momentum in 4Q23.</li><li>We expect this will be accompanied by fixed costs synergies between platforms, inline with the new CEO’s expectations.</li><li>Positive EBITDA shall allow GOTO to seek more GTV growth in 2024 with less limitations on investments to protect market share and less rationalization measures. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We see a pathway for GOTO to deliver positive EBITDA towards the end of 2023, given foreseen recovery in GTV in 3Q23 that shall offer momentum in 4Q23.We expect this will be accompanied by fixed costs synergies between platforms, inline with the new CEO’s expectations.Positive EBITDA shall allow GOTO to seek more GTV growth in 2024 with less limitations on investments to protect market share and less rationalization measures. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GoTo Gojek Tokopedia - Positive EBITDA to Sustain GOTO Growth Mode

<ul><li>Yield volatility and heightened China risk factor has led to recent market volatility resulting in outflow from both Equity and Fixed Income.</li><li>The recession narrative appears abating as seen in more steepening yield curve as the 10 years UST yield rise.</li><li>BI continue to intervene the market to manage IDR stability. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yield volatility and heightened China risk factor has led to recent market volatility resulting in outflow from both Equity and Fixed Income.The recession narrative appears abating as seen in more steepening yield curve as the 10 years UST yield rise.BI continue to intervene the market to manage IDR stability. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macro and Flows Tracker - GTV to Step-Up, Gojek + Tokped Upside Revisited

<ul><li>We still see no room for rate cuts at this juncture and expect BI to keep its 7DRRR intact</li><li>Fiscal expansion will be the key to address signs of growing domestic weakness, underpinned by the current large fiscal surplus</li><li>Overall, the mutual funds industry saw increases in both AUM and participation units in May 2023, with the average cash level rising to 6.8%, the first increase in 5 months</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We still see no room for rate cuts at this juncture and expect BI to keep its 7DRRR intactFiscal expansion will be the key to address signs of growing domestic weakness, underpinned by the current large fiscal surplusOverall, the mutual funds industry saw increases in both AUM and participation units in May 2023, with the average cash level rising to 6.8%, the first increase in 5 monthsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macro and Flows Tracker - Impetus for the Market

<ul><li>This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge in unemployment benefit claims</li><li>The FOMC's June Summary of Economic Projections will provide details on the macro trajectory, especially the prospect for rate cuts in 2024</li><li>More countries have a weakening PMI trend, with half of them in the contraction zone</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge in unemployment benefit claimsThe FOMC's June Summary of Economic Projections will provide details on the macro trajectory, especially the prospect for rate cuts in 2024More countries have a weakening PMI trend, with half of them in the contraction zoneContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macro and Flows Tracker - The Tipping Point

Indonesia

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

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52-week Range	0.00 - 0.00
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GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

Technology: Potential Tailwinds from the New Regulation

On the earnings front, we expect tech companies to see positive momentum in 3Q23 with GTV growth and lower EBITDA losses. We maintain our OW rating...

BRI Danareksa Research

GoTo Gojek Tokopedia - Positive EBITDA to Sustain GOTO Growth Mode

We see a pathway for GOTO to deliver positive EBITDA towards the end of 2023, given foreseen recovery in GTV in 3Q23 that shall offer momentum in...

BRI Danareksa Research

Macro and Flows Tracker - GTV to Step-Up, Gojek + Tokped Upside Revisited

Yield volatility and heightened China risk factor has led to recent market volatility resulting in outflow from both Equity and Fixed Income.

BRI Danareksa Research

Macro and Flows Tracker - Impetus for the Market

Fiscal expansion will be the key to address signs of growing domestic weakness, underpinned by the current large fiscal surplus

BRI Danareksa Research

Macro and Flows Tracker - The Tipping Point

This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge...

BRI Danareksa Research

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